Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) Sees Large Drop in Short Interest

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 8,700 shares, a drop of 18.7% from the March 31st total of 10,700 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 4,900 shares, the days-to-cover ratio is currently 1.8 days.

Perma-Pipe International Stock Performance

PPIH stock traded up $0.38 during midday trading on Monday, hitting $8.33. 40,204 shares of the stock traded hands, compared to its average volume of 6,808. Perma-Pipe International has a 1-year low of $6.17 and a 1-year high of $11.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.65 and a quick ratio of 1.37. The stock’s fifty day simple moving average is $7.75 and its 200-day simple moving average is $7.59. The firm has a market cap of $67.14 million, a P/E ratio of 6.36 and a beta of 0.29.

Analysts Set New Price Targets

Separately, TheStreet upgraded Perma-Pipe International from a “c+” rating to a “b-” rating in a research report on Friday, January 19th.

Institutional Investors Weigh In On Perma-Pipe International

An institutional investor recently raised its position in Perma-Pipe International stock. Cannell Capital LLC boosted its holdings in shares of Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) by 10.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 136,492 shares of the industrial products company’s stock after purchasing an additional 12,500 shares during the quarter. Cannell Capital LLC owned approximately 1.69% of Perma-Pipe International worth $1,115,000 at the end of the most recent reporting period. Institutional investors own 28.43% of the company’s stock.

About Perma-Pipe International

Perma-Pipe International Holdings, Inc, together with its subsidiaries, engineers, designs, manufactures, and sells specialty piping and leak detection systems. It offers insulated and jacketed district heating and cooling piping systems for energy distribution from central energy plants to various locations; and primary and secondary containment piping systems for transporting chemicals, hazardous fluids, and petroleum products, as well as engages in the coating and insulation of oil and gas gathering and transmission pipelines.